@Sachin(Zerodha)
I am confused with the following, whether it is my mistake or software bug, could you please clarify.
Today, I purchased 4 Lots Nifty @ 5686.00 JAN through nowonline.in express and since i did not want the trade to go against me, somewhere i read that if i put a sell at a lower price i.e. 5670.00 and was ready for a loss of Rs.3200/- if at all it went to the level of 5670.00 but when i keyed in the information to sell at 5670.00 JAN, the software immediately executed the sell order at 5688.00. Luckly in this case there was no loss to me but still I am perplexed as to what went wrong here.
In nowonline.in, in order to put a stop loss, suppose i put a buy of 200 at 5686.00, i can put a sell of 200 at 5670.00 and it should get executed only if the market reaches 5670 is it not. I saw that at the time of putting the above order the market was at 5688.
Could you let me know what went wrong here.
Assume you have a mobile phone to sell, there is this guy who wants to buy at Rs 10000... If you tell him that you want to sell at Rs 9500, what will happen???
When you buy at 5686, if you want to determine the price at which you want to sell, use the limit order, if you put limit order at 5690, it will be pending till nifty reaches 5690.. but at 5688, you put a limit order to sell at 5670, your order will become a market order, it will get sold immediately...
What you were trying to do was to setup a stop loss order such that if nifty goes to 5670, your order gets executed.. For doing this, choose sell on nifty futures and opt for SL(stop loss) in the drop down box...Stop loss orders need a trigger price at which your order becomes active, till then it will be passive... Choose a trigger price , in your case, say 5671 and then put a price of 5670.... What will happen is: when nifty goes to 5671 your sell order gets triggered and your nifty sell order of 5670 will get active in system....
Just the opposite way to put stop loss for short positions...
Cheers...
